根据FY24中期业绩，该行分别上调FY24-25股东净利润预测2.1%及0.1%，并新增FY26预测。该行将目标价由3.00港元调升至3.07港元，对应9.0倍FY24年目标市盈率及47.4%上升空间。重申“买入”评级。According to Zhongtai International's research report, CSC Development (00830) had a 26.1% year-on-year increase in net profit attributable to shareholders in the first half of 2024, reaching 0.55 billion yuan (Hong Kong dollars, same below), which is in line with the bank's expectations. Income increased by 0.1% to 4.72 billion yuan year-on-year.
The company's newly signed contract amount in the first half of the year decreased by 8.7% year-on-year to 6.04 billion yuan, among which the contract amount in Hong Kong, Macau, and Taiwan decreased by 25.7% year-on-year to 3.16 billion yuan, because the company did not continuously introduce such projects as government hospital engineering contracts, although the company still won several landmark Hong Kong developer curtain wall projects, including SHK ppt's West Kowloon Cultural District Tower building project and Henderson Land's Central Seaside 3A Commercial Project. As of June 30, 2024, the company's incomplete contract amount on hand increased by 12.8% year-on-year to 17.28 billion yuan and can ensure future revenue for the next few years.
Recently, the company won its first bid for a project in Singapore and obtained the subcontracting and construction contract for the curtain wall of the Central Mall project on Havelock Road. The company is expected to replicate the success of its Hong Kong and Macau business in the Singapore market.
According to the FY24 interim performance, the bank increased its FY24-25 net profit attributable to shareholders forecast by 2.1% and 0.1%, respectively, and added a FY26 forecast. The bank raised the target price from HKD 3.00 to HKD 3.07, corresponding to a target price-to-earnings ratio of 9.0 times FY24 and an upside of 47.4%. The bank reiterated its "buy" rating.